PH Real Estate - How a Middle-Income Worker Acquired an Elegant Townhouse of His Own

Everybody wants an elegant home, who wouldn’t? However, not everyone gets what they wish for. It’s because there are millions of people who live below the poverty line. Majority of the population belongs to the middle-class; people who have just enough to makes both ends meet. They live from paycheck to paycheck, praying someday, that they would hit the lotto jackpot and finally buy a home of their own.

Meanwhile, the least percentage of the population belongs to the rich people, who may own 2 or more grandiose houses. As the cliché goes: The rich get richer and the poor get poorer. This is a fact of life that is hard to accept. Some people say, “Life sucks.”

To Mike though, life is a challenge. He was an optimist, who had never stopped dreaming that one day he would have his own elegant and perfect house. He was a middle-income worker, who worked in a shoe factory, and was the bread winner of a family of 6. He had 4 siblings, and they lived, together with their parents, in a ‘box’ called house – one room and one bath. It was crowded, but bearable.  They had no choice. Thus, how did Mike acquire the elegant townhouse?

He had determination, patience and diligence in searching for his dream house - and a bit of luck.

These activities were included in his daily schedule:

• Browses the local newspapers for house ads
• Asks brokers for new house listings
• Asks family and friends for any news on house owners who want to sell their house directly to buyers
• Checks local community boards for house listings

For several months he never failed to do these tasks. He pestered friends about any sellers who wanted to do direct selling. Every day he checked if there were houses that were within his paying capacity.

One day, Mike was about to board a tricycle for home, when a woman pushed him aside and wiggled her bouncy body into the seat. Mike was aghast. She was so rude. He wanted to throw expletives at her but he bit his tongue and opt to hold in his anger.
“I’m sorry, may I go first? I have an emergency,” the woman’s steely gaze ripped through him.

Mike nodded his head in surrender, and edge his way back to the waiting shed. He was bristling with fury, but he managed to keep his cool by breathing in and out. “Relax,” he told himself a couple of times. He took several deep breaths before his breathing returned to normal. It would take another half hour to wait, he thought. He was startled from his deep reverie when a familiar voice rang in the air.
“Mike, hello, Mike…,”
Mike turned around and came face to face with his long-term friend, Lance, whom he hadn’t seen for a few months.
“Huh, oh! Hello, Bro,” he ran happily towards Lance and put his arms around him. “Hey, how you doin?”
“I’m good. I’m good,” Lance held Mike back and they both grinned widely at each other.
“I would have missed you had I taken the trike earlier,” Mike stated. It was serendipity that the woman had ‘robbed’ him of his ride, Mike concluded. Hah!
“I wanted to see you because I have good news,” Lance declared, his eyes twinkling in glee.
“Well, you should have called me,” Mike stated, surprised at his friend’s excitement.
“It’s best delivered in person,” Lance insisted.
“Oops, hold on,” Mike stopped Lance. “Have you eaten yet? Let’s grab some chow.”
And so they trooped to the nearby diner and ordered their favorite food: fried chicken and roasted potatoes. Afterwards, they ordered beer.
When they were into their second bottle, Lance looked quizzically at Mike and asked, “Aren’t you curious just a little bit about the good news?”
“I want to relish it so, relax. Didn’t you know that the longer you prolonged the wait for something good, the more satisfaction you would gain?”
“Oh, c’mon,” Lance quipped back. “That’s what I missed most about you, your philosophical quips.”
They both roared in laughter.
“Okay, I’m ready,” Mike stated, finally settling down to a more serious mood.
What Lance revealed next had turned Mike into a dreamlike state, where he could hear his heart thumping wildly, and his breath coming in gasps. He was in a state of bliss though.
Even after reaching home, Mike was in disbelief. Was it really true? He had to pinch himself to confirm that he wasn’t dreaming.
What was Lance’s good news?

Lance’s boss was migrating abroad and he was selling his townhouse to Lance at a discounted price and in monthly installments. What more, the boss agreed to allow the property to be used as collateral for the PAGIBIG housing loan, a government company.

Lance had purchased a brand new house recently and he didn’t need another house. He remembered Mike, who had called him often during the past two years to know if he knew someone who wants to sell his house directly to buyers. When the house was offered to Lance, he thought of Mike instantly.

“I have a friend who would be surely interested in your house, sir. Please don’t sell it to anyone,” Lance informed his boss. So, he obtained all the Xerox copies of the house documents and went to visit Mike, supposedly, in his home. However, they met in the waiting shed.

At home, Mike stared at the Townhouse’s Certificate of Ownership, and at the list price. It was pegged at a value that he could not possibly produce. Lance explained to him how he can afford the purchase. Lance is truly a friend, Mike thought as he went over Lance’s computations.

Mike’s Townhouse payment, discounted price – Php 1,500,000

PAGIBIG loan, maximum amount to be given – Php 900,000 (for individuals with 400 monthly contributions)

Php 1,500,000 - Php 900,000 = Php 600,000 balance

The balance will be paid within a period of 10 years (5,000 per month), after the PAGIBIG loan has been paid off. It was a brilliant financial plan, Mike thought. Lance was a genuine friend who truly cared for him. Tomorrow, Mike will meet his benefactor. Thanks to Lance.

“He’s a philanthropist, that guy,” Lance described his boss, “and look at how his businesses thrive. I guess, the more you give, the more you receive.”
“But how come you’re passing the house to me?” Mike was still in disbelief.
“Hey, bro, I owe you my life, remember?” Lance had reminded Mike. “You’ve been pestering me about houses on sale, so I’ve been taking notes for you.”

Mike had saved Lance from drowning when they were in grade school. To Mike, the incident had been become a blurry memory. He had never considered that as a debt that Lance should pay. It was simply in his nature to help people in need.

Tags:    Tips on Acquiring an Elegant Townhouse